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ACWA Power has announced the completion of the transaction to introduce Silk Road Fund as a partner and a 49% shareholder in ACWA Power Renewable Energy Holding Ltd (ACWA Power RenewCo).

ACWA Power RenewCo is ACWA Power’s renewable energy platform that currently owns a number of its existing renewable energy projects.

The platform capitalises on the rapidly growing potential for renewable energy in emerging markets and currently owns ACWA Power’s concentrated solar power, photovoltaic solar, and wind assets across the United Arab Emirates, South Africa, Jordan, Egypt and Morocco, yielding an aggregate power capacity of 1,668MW.

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Paddy Padmanathan, Chief Executive Officer of ACWA Power, commented in a statement: “After announcing the agreement last year, we are very proud and pleased to have completed the transaction today. Our partnership with the Silk Road Fund is a testament to the robust relations between Saudi Arabia and China. Our collaboration will enhance ACWA Power’s ambitious growth plans in the renewables sector in MENA, Africa, Asia and Central Asia.”

“Having the Silk Road Fund as a partner is a strategic step for us in supporting the economic transformation envisioned by the Belt and Road initiative as well as Saudi Arabia’s forward-looking Vision 2030. This partnership reaffirms ACWA Power’s strong commitment to contributing to the green development of the regions with its reliable financial stability, cementing the company’s position as an attractive investment partner to stakeholders, locally and globally,” said Rajit Nanda, Chief Investment Officer at ACWA Power.

This is the third successful collaboration between ACWA Power and the Silk Road Fund. Previously, both companies invested in two flagship UAE based projects: 2,400MW Hassyan clean coal power plant; and the 950MW Hybrid CSP and PV fourth phase of MBR Solar Park which will power 320,000 residential homes.